06 May 19
@chessturd saidi am a certified lawyer...
If you declare bankruptcy can they go after your paycheck and garnish your wages?
What happens after bankruptcy?
CID, OVR, pPud...
you'll need to set up an appointment and come in to my office...
@chessturd saidTo have your bankruptcy filing accepted, your lawyer has a standard worksheet outlining all of your debts, basic living costs and income(s).
If you declare bankruptcy can they go after your paycheck and garnish your wages?
What happens after bankruptcy?
After verifying the accuracy of those three categories, whatever is left over between income and basic living costs is the amount your attorney would request the court to accept in order to pay the debt obligations under your bankruptcy filing.
(An exception to paying back is the Chapter 7, but passing the means test is required.)
The court then orders your employer to garnish that amount from your wages until such time that the time limit or all of the debts have been satisfied--- as little as 36 months, but usually 60 months in Chapter 13's.
Following the satisfaction of the time or amount, the court issues a discharge which declares your debts absolved.
You are now free to start rebuilding your credit.
Keep in mind: credit scores fade to dust.
You may find yourself with no credit score at all which is problematic in then trying to build on!
There are several ways around that, but it's critical to know that the five years frugally spent paying off your obligations is going to be the first leg.
Getting a leg up before you have to is key.
Filing again after a bankruptcy gets a bit dicey, too, so just as with this potential filing you want to be forewarned with as much of the complete picture as possible, i.e., an attorney.
Here's a website with more information:
https://www.uscourts.gov/services-forms/bankruptcy
Good luck.
@freekeynomore saidThat is the way it is done in England....chessturd had a Canadian flag up, same thing apply?
To have your bankruptcy filing accepted, your lawyer has a standard worksheet outlining all of your debts, basic living costs and income(s).
After verifying the accuracy of those three categories, whatever is left over between income and basic living costs is the amount your attorney would request the court to accept in order to pay the debt obligations under your bank ...[text shortened]... s a website with more information:
https://www.uscourts.gov/services-forms/bankruptcy
Good luck.
-VR
- Joined
- 09 Sep 18
- Moves
- 20590
07 May 19
@very-rusty saidits very popular with young couples in the uk, 4 years after bankrupcy you can start getting credit again.
That is the way it is done in England....chessturd had a Canadian flag up, same thing apply?
-VR
- Joined
- 09 Sep 18
- Moves
- 20590
@chessturd saidI had a builder go bust on me 10 years back taking me for £23,000, he and his son a daughter who were all directors drew £150k eack out in the november knowing they were going under they went bust in the following january the whole family had sold up and moved to spain, I got my V,A.T back on the 23k and 20p in the pound about 3 years later.
If you declare bankruptcy can they go after your paycheck and garnish your wages?
What happens after bankruptcy?
07 May 19
@very-rusty saidGood question 🤔
That is the way it is done in England....chessturd had a Canadian flag up, same thing apply?
-VR
07 May 19
@chessturd saidThe op who answered the question is probably not familiar with Canadian Law.
Good question 🤔
-VR
- Joined
- 14 Mar 15
- Moves
- 29598
@very-rusty saidI think it depends on the (a) Mountie that is owed.
That is the way it is done in England....chessturd had a Canadian flag up, same thing apply?
-VR
07 May 19
@eladar saidYes, I think it pretty much works that way here also. Maybe a question my accountant might be able to answer. If not my lawyer could answer it for sure.
In the US we have two kinds of bankruptcy one that wipes out all debt the other that simply restructures the debt but you still pay it back.
-VR
07 May 19
@chessturd saidWhat sort of garnish are you hoping for? Parsley? A sprig of oleander?
If you declare bankruptcy can they go after your paycheck and garnish your wages?
What happens after bankruptcy?